So the Chinese plan is to make the West poor by making vast quantities of cheap goods and sell them to us at discount rates, while manipulating their currency to make sure we get the best deal possible. In return we give them vast quantities of paper with IOU written on them.

We're toast!

The Japanese tried that back in the 70s and 80s. How did that work out for them? I also seem to remember they had a huge construction boom, skyrocketing property prices and a very high domestic savings rate.